Royal LePage surveyed 2,000 baby boomers across Canada to uncover real estate trends and thoughts on purchasing within this key Canadian demographic. With the findings, three blogs have been produced, covering a variety of topics and results.
- 2021 Royal LePage boomer trends survey unveils real estate intentions of powerful demographic
- Closer to being mortgage-free, Canadian boomers get real estate to work for them(and their kids)
- When it comes to real estate, Canadian boomers have time and space on their side.
Here’s a short overview of each of the articles, key stats and where you can read each in full.
2021 Royal LePage boomer trends survey unveils real estate intentions of powerful demographic
“The survey, conducted by Leger, found that 35 per cent of boomers were considering buying a home within the next five years and 45 per cent believe that now is a good time to sell. More than half (57%) of boomers said they would purchase a detached house if they were to buy, while 19 per cent said they would prefer an apartment/condominium. Fifty-two per cent of boomer homeowners said they would prefer to renovate their existing home rather than purchase another, and an additional 24 per cent said they would consider it.
“The boomer generation appears to have no intention of slowing down,” said Phil Soper, President and CEO, Royal LePage. “Fully vaccinated, and turning a cold shoulder to retirement, the typical member of this huge demographic is enjoying an empty nest and believes real estate is a good investment. Millions of boomers are expected to wade into the market over the next five years.”
Key Stats
- Of those who said they may move in the next 5 years (they could choose more than one option):
- 56% would consider moving to a rural or recreational region
- 28% would consider purchasing a larger home
- 56% would consider a same-sized home
- 63% would consider downsizing
- Less home maintenance was the main reason for downsizing for 71%, followed by 39% choosing retirement, 29% choosing travel, and 9% choosing to help their children purchase a home.
Read the full article to find out how boomers feel about affordability in their region, the state of their mortgage, and more about their children.
See the chart data
Closer to being mortgage-free, Canadian boomers get real estate to work for them (and their kids)
“Boomers have greatly benefitted from real estate price gains over their lives. When asked if they believed homeownership is a good investment, nearly four out of five (78%) Canadian boomers answered yes. It comes as no surprise that some 40% of them report having at least half of their net wealth in real estate.”
Key Findings:
- 25% said they have or would assist a child financially with the purchase of a home
- Of the boomers who have yet to retire, 27% said they would consider delaying retirement to help their children with a down payment
Read the full article.
When it comes to real estate, Canadian boomers have time and space on their side.
“In a year that saw housing demand increase at rates not seen in modern history, when young Canadians in compact spaces suddenly found themselves using their homes for anything from work to school to gym, and everything in between, boomer homeowners seem to have been virtually unaffected by the swift and incredible need for more square footage. “
Key Findings:
- 90% of 56-74-year-olds surveyed did not postpone their plans to move due to the COVID-19 pandemic.
- 52% said they would prefer to renovate their current properties instead of moving
Read the full article.
Are you looking to make a move in the next 5 years? I’d love to connect with you and help you make a plan to get your current home ready for sale, and help you determine what your next home looks like.
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